Portsmouth Tennis Academy Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 08385183 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016

FOR

PORTSMOUTH TENNIS ACADEMY LTD

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

108,384

97,868

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

142,831

82,851

Cash at bank

3,000

19,882

147,831

104,733

CREDITORS

Amounts falling due within one year

3

65,558

51,428

NET CURRENT ASSETS

82,273

53,305

TOTAL ASSETS LESS CURRENT LIABILITIES

190,657

151,173

CREDITORS

Amounts falling due after more than one year

3

195,898

177,449

NET LIABILITIES

(5,241

)

(26,276

)

CAPITAL AND RESERVES

Called up share capital

4

11

11

Profit and loss account

(5,252

)

(26,287

)

SHAREHOLDERS' FUNDS

(5,241

)

(26,276

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board of Directors on 13 June 2016 and were signed on its behalf by:

Mr K J Baker - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements show a net liability position at the balance sheet date. The company is

dependent on the continued support of its bankers. The director is of the opinion that the bank will

continue to support the company. Additionally, the company has, since the the balance sheet date,

returned to a net assets position. The director, on this basis, has prepared the financial statements on

the going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and over the period of the lease

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Stock is valued on a first in first out basis.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

Grants

Capital grants received are recognised in the profit and loss account on the basis of there useful

economic life.

Revenue grants are taken to the profit and loss account, when entitlement of the grant has been

achieved.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

110,815

Additions

20,240

At 31 March 2016

131,055

DEPRECIATION

At 1 April 2015

12,947

Charge for year

9,724

At 31 March 2016

22,671

NET BOOK VALUE

At 31 March 2016

108,384

At 31 March 2015

97,868

3.

CREDITORS

Creditors include an amount of £ 192,481 (31.3.15 - £ 189,101 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

£

10

Ordinary

£1

10

10

1

B Ordinary

£1

1

1

11

11

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

31.3.16

31.3.15

£

£

Mr K J Baker

Balance outstanding at start of year

69,929

12,171

Amounts advanced

54,529

61,966

Amounts repaid

(3,972

)

(4,208

)

Balance outstanding at end of year

120,486

69,929

Interest is being charged at the official rate of interest on amounts owed by Mr K J Baker to the

company. Interest paid by Mr K J Baker on the outstanding balance during the year is £2,814 (31.3.15:

£1,316).